Submission for OMB Review; Comment Request: Extension: Rule 151-1, 24644-24645 [2023-08420]

Download as PDF lotter on DSK11XQN23PROD with NOTICES1 24644 Federal Register / Vol. 88, No. 77 / Friday, April 21, 2023 / Notices Schedule 14N (17 CFR 240.14n–101) requires the filing of certain information with the Commission by shareholders who submit a nominee or nominees for director pursuant to applicable state law, or a company’s governing documents. Schedule 14N provides notice to the company of the shareholder’s intent to have the company include the shareholder’s or shareholder groups’ nominee or nominees for director in the company’s proxy materials. This information is intended to assist shareholders in making an informed voting decision with regards to any nominee or nominees put forth by a nominating shareholder or group, by allowing shareholders to gauge the nominating shareholder’s interest in the company, longevity of ownership, and intent with regard to continued ownership in the company. We estimate that Schedule 14N takes approximately 40 hours per response and will be filed by approximately 10 issuers annually. In addition, we estimate that 75% of the 40 hours per response (30 hours per response) is prepared by the issuer for an annual reporting burden of 300 hours (30 hours per response × 10 responses). Written comments are invited on: (a) whether this proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (b) the accuracy of the agency’s estimate of the burden imposed by the collection of information; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication by June 20, 2023. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number. Please direct your written comment to David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/o John Pezzullo, 100 F Street NE, Washington, DC 20549 or send an email to: PRA_ Mailbox@sec.gov. Dated: April 17, 2023. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–08426 Filed 4–20–23; 8:45 am] BILLING CODE 8011–01–P VerDate Sep<11>2014 16:51 Apr 20, 2023 Jkt 259001 SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–408, OMB Control No. 3235–0464] Submission for OMB Review; Comment Request; Extension: Rule 101 Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for approval of extension of the previously approved collection of information provided for in Rule 101 of Regulation M (17 CFR 242.101), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). Rule 101 prohibits distribution participants from purchasing activities at specified times during a distribution of securities. Persons otherwise covered by this rule may seek to use several applicable exceptions such as a calculation of the average daily trading volume of the securities in distribution, the maintenance of policies regarding information barriers between their affiliates, and the maintenance of a written policy regarding general compliance with Regulation M for de minimus transactions. There are approximately 2,002 respondents per year that require an aggregate total of approximately 27,901 hours to comply with this rule. Each respondent makes an estimated 1 annual response. Each response takes on average approximately 13.936563 hours to complete. Thus, the total hour burden per year is approximately 27,901 hours. The total estimated internal compliance cost for the respondents is approximately $2,259,981 resulting in an internal cost of compliance for each respondent per response of approximately $1,128.86 (i.e., $2,259,981/2,002 responses). An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information under the PRA unless it displays a currently valid OMB control number. The public may view background documentation for this information collection at the following website: www.reginfo.gov. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the PO 00000 Frm 00101 Fmt 4703 Sfmt 4703 search function. Written comments and recommendations for the proposed information collection should be sent by May 22, 2023 to (i) www.reginfo.gov/ public/do/PRAMain and (ii) David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/o John Pezzullo, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@ sec.gov. Dated: April 17, 2023. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–08422 Filed 4–20–23; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–808, OMB Control No. 3235–0762] Submission for OMB Review; Comment Request: Extension: Rule 151–1 Upon Written Request Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for approval of extension of the previously approved collection of information provided for in Rule 151–1 (17 CFR 240.151–1), under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.). Rule 151–1 established a standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer (together, ‘‘brokerdealers’’) when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer (‘‘Regulation Best Interest’’). Regulation Best Interest requires broker-dealers, when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer, to act in the best interest of the retail customer at the time the recommendation is made, without placing the financial or other interest of the broker-dealer or natural person who is an associated person making the recommendation ahead of the interest of the retail customer. The information that must be collected pursuant to Regulation Best Interest is intended to: (1) improve E:\FR\FM\21APN1.SGM 21APN1 Federal Register / Vol. 88, No. 77 / Friday, April 21, 2023 / Notices lotter on DSK11XQN23PROD with NOTICES1 disclosure about the scope and terms of the broker-dealer’s relationship with the retail customer, which would foster retail customers’ understanding of their relationship with a broker-dealer; (2) enhance the quality of recommendations provided by establishing an express best interest obligation under the federal securities laws; (3) enhance the disclosure of a broker-dealer’s conflicts of interest; and (4) establish obligations that require mitigation, and not just disclosure, of conflicts of interest arising from financial incentives associated with broker-dealer recommendations. The information will therefore help establish a framework that protects investors and promotes efficiency, competition, and capital formation. There are approximately 2,683 respondents that must comply with Rule 151–1. The aggregate annual burden for all respondents is estimated to be 2,568,434 hours, or 957 hours per respondent (2,568,434 hours/2,683 respondents). Under Rule 151–1, respondents will also incur cost burdens. The aggregate annual cost burden for all respondents is estimated to be $12,085,860, or $4,505 per respondent ($12,085,860/2,681 respondents). An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information under the PRA unless it displays a currently valid OMB control number. The public may view background documentation for this information collection at the following website: www.reginfo.gov. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice by May 22, 2023 to (i) MBX.OMB.OIRA.SEC_desk_officer@ omb.eop.gov and (ii) David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/o John Pezzullo, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov. Dated: April 17, 2023. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–08420 Filed 4–20–23; 8:45 am] BILLING CODE 8011–01–P VerDate Sep<11>2014 16:51 Apr 20, 2023 Jkt 259001 SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–797 OMB Control No. 3235–0748] Submission for OMB Review; Comment Request: Extension; ‘‘Ombudsman Matter Management System Submission Form’’ Upon Written Request Copies Available From: Securities and Exchange Commission, Office of the Investor Advocate, 100 F Street NE, Washington, DC 20549–3720 Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request to approve the collection of information discussed below. Each year the Commission’s Office of the Investor Advocate, Office of the Ombudsman (‘‘Ombudsman’’) receives over a thousand contacts from investors who have complaints or questions about the SEC or any of the self-regulatory organizations that it oversees. To make it easier for the public to contact the Ombudsman, the Ombudsman (‘‘Ombudsman’’) created an electronic form (Ombudsman Matter Management System Submission Form) that provides drop down options to choose from in order to categorize the investor’s complaint or question, and may also provide the investor with automated information about their issue. The Ombudsman Matter Management System (OMMS) Submission Form asks investors to provide information concerning, among other things, their names, how they can be reached, the names of the individuals or entities involved, the nature of their complaint or tip, what documents they can provide, and what, if any, actions they have taken. Use of the Ombudsman Matter Management System Submission Form is voluntary. Absent the forms, the public still has several ways to contact the Ombudsman, including telephone, letters, and email. Investors can access the Ombudsman Matter Management System Submission Form through the Ombudsman web page at the web address https://www.sec.gov/ ombudsman or directly at the web address https://omms.sec.gov. The dual purpose of the Ombudsman Matter Management System Submission Form is to make it easier for the public to contact the agency with complaints, questions, tips, or other feedback and to streamline the workflow of Ombudsman PO 00000 Frm 00102 Fmt 4703 Sfmt 4703 24645 staff that record, process, and respond to investor contacts. Investors who submit complaints, ask questions, or provide tips do so voluntarily. Although the Ombudsman Matter Management System Submission Form provides a structured format for incoming investor correspondence, the Commission does not require that investors use any particular form or format when contacting the Ombudsman. Investors who choose not to use the Ombudsman Matter Management System Submission Form will receive the same level of service as those who do. The Ombudsman receives approximately 1,500 contacts each year through the Ombudsman Matter Management System Submission Form. The Ombudsman uses the information that investors supply on the Ombudsman Matter Management System Submission Form to review and process the contact (which may, in turn, involve responding to questions, processing complaints, or, as appropriate, referring matters to enforcement or examinations for potential investigations), to maintain a record of contacts, to track the volume of investor complaints, and to analyze trends. The staff of the Commission estimates that the total reporting burden for using the Ombudsman Matter Management System Submission Form is 750 hours. The calculation of this estimate depends on the number of investors who use the forms each year and the estimated time it takes to complete the forms: 1,500 respondents × 30 minutes = 750 burden hours. Members of the public should be aware that an agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless a currently valid OMB control number is displayed. Background documentation for this information collection may be viewed at the following link, https:// www.reginfo.gov. General comments regarding the above information should be directed to the following persons within 30 days of publication of this notice by May 22, 2023 to (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or send an email to: Shagufta_Ahmed@omb.eop.gov; and (ii) David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/o John R. Pezzullo, 100 F St. NE, Washington, DC 20549; or send an email to: PRA_ Mailbox@sec.gov. Comments must be E:\FR\FM\21APN1.SGM 21APN1

Agencies

[Federal Register Volume 88, Number 77 (Friday, April 21, 2023)]
[Notices]
[Pages 24644-24645]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-08420]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-808, OMB Control No. 3235-0762]


Submission for OMB Review; Comment Request: Extension: Rule 151-1

Upon Written Request Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (``PRA'') (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') has submitted to the Office of Management 
and Budget (``OMB'') a request for approval of extension of the 
previously approved collection of information provided for in Rule 151-
1 (17 CFR 240.151-1), under the Securities Exchange Act of 1934 (15 
U.S.C. 78a et seq.).
    Rule 151-1 established a standard of conduct for broker-dealers and 
natural persons who are associated persons of a broker-dealer 
(together, ``broker-dealers'') when making a recommendation of any 
securities transaction or investment strategy involving securities to a 
retail customer (``Regulation Best Interest''). Regulation Best 
Interest requires broker-dealers, when making a recommendation of any 
securities transaction or investment strategy involving securities to a 
retail customer, to act in the best interest of the retail customer at 
the time the recommendation is made, without placing the financial or 
other interest of the broker-dealer or natural person who is an 
associated person making the recommendation ahead of the interest of 
the retail customer.
    The information that must be collected pursuant to Regulation Best 
Interest is intended to: (1) improve

[[Page 24645]]

disclosure about the scope and terms of the broker-dealer's 
relationship with the retail customer, which would foster retail 
customers' understanding of their relationship with a broker-dealer; 
(2) enhance the quality of recommendations provided by establishing an 
express best interest obligation under the federal securities laws; (3) 
enhance the disclosure of a broker-dealer's conflicts of interest; and 
(4) establish obligations that require mitigation, and not just 
disclosure, of conflicts of interest arising from financial incentives 
associated with broker-dealer recommendations. The information will 
therefore help establish a framework that protects investors and 
promotes efficiency, competition, and capital formation.
    There are approximately 2,683 respondents that must comply with 
Rule 151-1. The aggregate annual burden for all respondents is 
estimated to be 2,568,434 hours, or 957 hours per respondent (2,568,434 
hours/2,683 respondents). Under Rule 151-1, respondents will also incur 
cost burdens. The aggregate annual cost burden for all respondents is 
estimated to be $12,085,860, or $4,505 per respondent ($12,085,860/
2,681 respondents).
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information under the PRA unless it 
displays a currently valid OMB control number.
    The public may view background documentation for this information 
collection at the following website: www.reginfo.gov. Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
by May 22, 2023 to (i) [email protected] and 
(ii) David Bottom, Director/Chief Information Officer, Securities and 
Exchange Commission, c/o John Pezzullo, 100 F Street NE, Washington, DC 
20549, or by sending an email to: [email protected].

    Dated: April 17, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-08420 Filed 4-20-23; 8:45 am]
BILLING CODE 8011-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.